BT Hybrid Pension – just one month to decideBT September 2 2019
The clock is ticking on the time-limited window of opportunity for thousands of deferred members of the BT Pension Scheme (BTPS) to join the new BT Hybrid Pension Scheme (BTHS).
Secured by the CWU in tough talks that ultimately led to the far-reaching pensions agreement that was ratifled by members in May last year, the BTHS is open to BT and Openreach team members who were active Section B or C BTPS members when it closed for future service.
Negotiated by the union to ensure that those in scope could continue to have a pension option that includes guaranteed defined benefit pension benefits which reduce investment risk for members, the BTHS opened in April this year with a deadline of September 30 for anyone wishing to join it.
The Hybrid scheme innovatively combines both defined benefit benefits, like those formerly afforded by the BTPS, and defined contribution benefits like those offered by the BT Retirement Savings Scheme (BTRSS).
However, those eligible to join the BTHS who have not already done so now only have a few weeks to do so.
To help draw attention to this important deadline, last Friday the CWU emailed and texted all members it believes were previously a member of Section B or C of the BTPS – and simultaneously launched a specially produced CWU podcast explaining the issues they need to consider.
Assistant secretary Nigel Cotgrove said: “It’s very important indeed that anyone eligible to join the BTHS who has not yet decided whether or not to do so appreciates that the one-off window of opportunity to join the Hybrid scheme is fast drawing to a close.
“This is an important decision that could have wide ranging implications. Those eligible to join are strongly advised to attend the webinars available and book a one-to-one briefing session. Both of these can be done in work time.”
The CWU is legally prohibited from giving financial advice. If members are unsure which pension option to take then they are strongly advised to take independent financial advice.
All CWU members are entitled to a no obligation initial financial consultation with Lighthouse Financial Advice. Further information on this option is available on the CWU website at www.cwu.org/my-union/member-benefits/ . Please note that sign in to the CWU site is required to access details.